Ratan Capital Management LP Acquires Shares of 16,612 Inhibrx Biosciences, Inc. $INBX

Key Points

• Ratan Capital Management acquired 16,612 Inhibrx Biosciences shares worth approximately $1.57 million, representing about 0.11% of the company. Institutional investors collectively own 82.46% of INBX.
• INBX opened at $123.41, well above its 50-day and 200-day moving averages, but the company recently reported a quarterly loss of $2.34 per share, missing estimates by $0.06.
• Analyst sentiment is mixed but leans positive, with a consensus rating of “Moderate Buy” and an average price target of $197.50; individual ratings range from strong buy to sell.

Ratan Capital Management LP bought a new position in Inhibrx Biosciences, Inc. (NASDAQ:INBX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 16,612 shares of the company's stock, valued at approximately $1,574,000. Inhibrx Biosciences accounts for approximately 0.5% of Ratan Capital Management LP's holdings, making the stock its 28th biggest position. Ratan Capital Management LP owned approximately 0.11% of Inhibrx Biosciences at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Bank of America Corp DE acquired a new stake in shares of Inhibrx Biosciences during the second quarter valued at approximately $79,698,000. BlackRock Inc. purchased a new stake in shares of Inhibrx Biosciences in the 2nd quarter valued at approximately $78,261,000. Morgan Stanley boosted its stake in Inhibrx Biosciences by 163.7% in the 4th quarter. Morgan Stanley now owns 1,167,728 shares of the company's stock worth $92,251,000 after purchasing an additional 724,872 shares during the period. Capital Research Global Investors acquired a new position in Inhibrx Biosciences in the 4th quarter worth approximately $33,304,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Inhibrx Biosciences during the 4th quarter worth approximately $20,856,000. 82.46% of the stock is owned by hedge funds and other institutional investors.

Inhibrx Biosciences Price Performance

NASDAQ INBX opened at $123.41 on Friday. The company has a 50 day simple moving average of $94.29 and a 200-day simple moving average of $90.63. The company has a debt-to-equity ratio of 12.58, a current ratio of 5.07 and a quick ratio of 5.07. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of -13.90 and a beta of 3.51. Inhibrx Biosciences, Inc. has a 52-week low of $26.19 and a 52-week high of $155.29.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($2.34) EPS for the quarter, missing analysts' consensus estimates of ($2.28) by ($0.06). Equities research analysts predict that Inhibrx Biosciences, Inc. will post -9.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

INBX has been the topic of several recent analyst reports. HC Wainwright initiated coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They set a "buy" rating and a $245.00 target price on the stock. Citigroup reaffirmed a "market perform" rating on shares of Inhibrx Biosciences in a research report on Thursday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th. Finally, Wall Street Zen downgraded Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Inhibrx Biosciences presently has an average rating of "Moderate Buy" and a consensus target price of $197.50.

Inhibrx Biosciences Profile

Inhibrx, Inc, headquartered in La Jolla, California, is a clinical-stage biotechnology company focused on the discovery and development of next-generation protein therapeutics. The company's proprietary protein engineering platform enables the design and production of multispecific and multivalent biologics with tailored binding characteristics and favorable pharmacokinetic properties. By leveraging high-throughput screening and structure-based design, Inhibrx aims to create molecules that address challenging targets in oncology, regenerative medicine and other areas of unmet medical need.

The company's lead candidate, INBRX-109, is a tetravalent agonist of the receptor tyrosine kinase ROR2 designed to stimulate tissue repair and regeneration.

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